Loan Processor Career Path

Are you thinking of becoming a Loan Processor or already started your career and planning the next step? Learn how to become a Loan Processor, what skills you need to succeed, how to advance your career and get promoted, and what levels of pay to expect at each step on your career path. Explore new Loan Processor job openings and options for career transitions into related roles.

How to Become a loan processor

If you're considering starting your Loan Processor career path, it's important to note the skills, qualifications, and time it takes to become a professional Loan Processor and how to advance your career path. Below are the steps generally required to begin and advance your Loan Processor career.
Contents

1

Earn a Degree

To begin your Loan Processor career path, a Bachelor's Degree in Finance or a related field is usually necessary in order to remain a competitive option for employers. Focus on industry-specific skill development during your education in order to be properly equipped when applying for entry-level positions and entering the job force. A Loan Processor internship may be required to earn your Bachelor's Degree and acquire necessary on-the-job skills before entering the workforce.

What type of degree should you pursue to become a Loan Processor?

70% of people working as a Loan Processor earned a Bachelor's Degree

What skills do you need to be a Loan Processor?

  • Excellent Customer Service
  • Excellent Communication
  • Microsoft Office Suite
  • Written Communication
  • Attention To Detail
  • MS Office Applications
  • Microsoft Outlook
  • Time Management
Based on resume data from Glassdoor users who reported working as a Loan Processor in the United States.

2

Choose a Specialty in Your Field

As an Loan Processor, you may be required to choose a specialty within your field. Determine which part of the Loan Processor field you feel strongest in, and continue taking active steps toward growing in your chosen Loan Processor specialty.

3

Get an Entry-Level Position as a Loan Processor

Once you've acquired a Bachelor's Degree in Finance or a related field, you'll typically begin your career as an entry-level Loan Processor. In general, you can become a Loan Processor after completing your 4 year Bachelor's Degree in a related discipline. Depending on the type of Loan Processor role you’re pursuing, you may want to explore certification in certified b corporation.

4

Advance in Your Loan Processor Career

Following entry-level, there are several Loan Processor career path levels to advance into. It can take 2 years as an entry-level Loan Processor to progress to the senior loan processor position. Each advanced Loan Processor position requires approximately 2 years of experience at each level to advance in your Loan Processor career path. It may be necessary to receive additional education, an advanced degree such as a Master's Degree in a related field, or special certifications in order to advance your Loan Processor career path.

5

Continued Education for Your Loan Processor Career Path

Not all industries and companies require continued education to advance your Loan Processor career path. However, earning this degree may help you advance to higher-earning positions more quickly. Earning a Bachelor's Degree in Finance can take 4 years to complete. People that have earned their Bachelor's Degree typically make $70,533 compared to $32,769 for those without that type of degree.

Seniority Levels

L2

Loan Processor

2 - 4Years of Experience
$59,532 /yrTotal Pay
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40% advanced to

L3

Senior Loan Processor

2 - 4Years of Experience
$80,211 /yrTotal Pay
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L4

Loan Processor IV

5 - 7Years of Experience
$73,281 /yrTotal Pay
Learn More

Total Pay Trajectory

Loan Processor Career Path

$180K
$148K
$115K
$83K
$50K
L2
L4
L7
L11
Seniority Levels

Related Careers in the Finance & Accounting Industry

Interested in other Finance & Accounting careers? Below are occupations that have high affinity with Loan Processor skills. Discover some of the most common Loan Processor career transitions, along with skills overlap.